Sam Zell says 'end of suburbia' may be upon us

In an interview with CNBC yesterday, the billionaire noted, "You're drawing all the young people in America to these 24/7 cities. The last thing they want to do is live in the suburbs. In that respect, you're increasing demand for housing in the urban markets."

Mr. Zell, who oversees a large real estate portfolio including stakes in Equity Residential, the nation's largest apartment real estate investment trust, also discussed the rising demand for apartments as more young people move to the cities.